Renewables group EDPR said its profits had remained “resilient” to the negative impacts of Spanish regulation, citing the strength of a geographically-diverse asset base that grew to 8.5GW last year.
EDPR – the world’s third-largest wind power producer – today posted a
2013 net profit of €135m ($185m), 7% up on 2012, on
revenues 6% ahead at €1.36bn.
EDPR said the increased
revenues came thanks to what it claimed as “asset quality with the highest load
factors in the market” and the addition of 502MW, with total output of 19.9TWh
in 2013, up 8% on 2012’s level.
The Portuguese-owned company
registered a 1% increase to €947m in earnings before interest, tax, depreciation
and amortisation (Ebitda).
It said that came despite
the impact of regulatory changes in Spain, where government measures to close
the country’s so-called tariff deficit have affected renewables operators. EDPR took a €71m Ebitda hit on the Spanish measures during 2013.
The company told
platform, the main contributor to Ebitda was the US, followed by
Spain and Portugal, which is evidence of the geographical diversification of
said its focus for 2014 will be “on selective growth based on the execution of
PPA projects in the US, the cornerstone of the company’s future performance”.
has tied up 980MW additional “profitable PPAs” in the US for 2014-16 and is
preparing to start operating its first Californian wind and solar projects this
Europe will present “low risk
growth opportunities” via Portugal’s ENEOP programme, and in Italy, France and
Poland, it added.